Banksy’s Gallerist Lazarides Cashes In – 612,000 Euros Realized at Bonhams

Images, signed prints, and sculptures by the street artist Banksy were auctioned yesterday at Bonhams for a total of 612,000 euros. All works came from the collection of gallerist Steve Lazarides.

Perhaps it was a market test, or perhaps Steve Lazarides simply needed cash. In any case, it is unusual to auction over 30 works by a single artist in one sale. The most expensive lot was the work with lot number 25, “Precision Bombing” (2000). Interestingly, this particular work did not originate from the Lazarides Collection. Its estimate was 25,000 to 38,000 euros. It was auctioned for 43,860 euros (53,576 euros including fees). This Banksy work had changed hands several times before. Bonhams also did not auction Banksy’s “Precision Bombing” (2000) for the first time. In September 2011, it achieved a price of 22,832 EUR at the auction house.

A total of 33 works by the street artist were offered at yesterday’s auction. Despite high estimates, 31 lots found buyers.

Banksy is likely the world’s most famous street artist, although his identity remains unknown. According to the Artnet Price Database, 1,293 works by Banksy have been auctioned in the last 10 years. The Art Sales Index records 661 auction results for Banksy.

It is unknown whether Banksy was thrilled about the Lazarides auction. He has demonstrated his own unique way of confronting the art market, for example, with the action at New York’s Central Park last year. There, he had an elderly man sell his graffiti pieces for $60 each on the roadside. However, no one trusted this action. As a result, the day’s turnover was a mere $420. Perhaps this was also because forgeries repeatedly appear on the art market, which has even affected art fairs like Berlin’s PREVIEW.